CAIRO - An initial public offering (IPO) by Egypt's Amer Group Holding will end on November 24 and a private placement's deadline on November 23, the head of the consultancy bank undertaking the IPO said. “The IPO is expected to raise LE220 million ($38.6 million), while the private placement, which is designed for financial institutions and high-end investors, will inject LE930 million, bringing the total to LE1.14 billion,” Alaa Saba, the Chairman of investment bank Beltone Financial, told a press briefing on Saturday. Trading on the group's shares, after the approval of the Egyptian Exchange, is expected to start on November 29, Saba said. “We are increasing the group's capital to meet growing business and speed up operations,” said Masnour Amer, the group's Chairman. “Our share is seen to value LE2.6- LE3.6 after listing,” Amer said. The group's IPO is the second in the North African country since the global economic downturn which erupted in 2008. Egypt's Juhayna Food Industries launched an IPO in June amid doubts about the timing and market conditions. “This is a good time for the IPO as investors are showing growing interest in the Egyptian market,” Amer added. In 2007, Egyptian real estate developer Talaat Moustafa Group made an IPO that was 41.4 times oversubscribed. Amer Group has subsidiaries operating in hospitality, construction, real estate development and agriculture. The group also plans to establish Al- Alamein to be accredited by US-based California University.
